Press Release

The Sixteenth Branch of Everest Bank steps in Pokhara

March 28, 2005

In an endeavor to provide banking facilities to large and well spread out sections of the society, we have strived to establish our branches in all the regions of the country. In this attempt, we have opened our 16 th branch at Pokhara, New Road on 28 th March 2005 . H.E. Mr. Shiv Shanker Mukherjee, Ambassador of India to Nepal inaugurated the branch at a function attended by Mr. Lekh Nath Bhusal, Dy. Governor of Nepal Rastra Bank as a chief guest and accompanied by various other dignitaries of Pokhara.

Everest Bank Limited (EBL) was established in 1994 and started its operations with its first branch at Naya Baneshwar Katmandu. With a objective of establishing a professional banking standards, EBL joined hands with Punjab National Bank (PNB), the largest public sector bank in India as it’s joint venture partner in India in 1997. Everest Bank is one of the fastest growing private banks, serving its valued customers through a network of 16 branches with the opening of Pokhara branch and over 250 correspondents around the globe. All the major branches are interconnected through Anywhere Branch Banking Systems (ABBS), a facility which enables its customers to do banking transactions from any of these branches irrespective of their having accounts in the other branch. The bank’s EBL Debit Card can be accessed through 25 ATM centers associated with SCT network and around 150 Point of Sales.

Based on the first six month’s unaudited accounts, the Bank’s operating profit showed an increase of 21% over the last year reaching a figure of about Rs 186.92 million for the first six months of this fiscal year. The Bank’s credit has grown by 25 % reaching a figure of Rs 7198 million. The total deposits of the Bank have increased by 18 % touching Rs8749 million over the preceding year. This sustained growth of the Bank is attributable to its strong systems and procedures, professional approach and quality lending. The Bank continues to maintain strict control over its Non Performing Assets (NPA), which remains at 1.7% in gross value. The Bank’s net NPA is nil as at the close of the financial year 2060-61.

Recognizing the value of offering a complete range of services not only to corporate but also to individuals, EBL has pioneered in the banking sectors in extending various customer friendly products like Home Loan, education loan, EBL Flexi Loan, Loan against Future Lease Rentals and Home Equity Loan, car loan, loan against shares and loan against insurance policies etc., thus helping people realize their dreams.

It is a well-known fact that large numbers of people from Pokhara and adjoining districts have been moving abroad and remitting their earnings to the hometown. Thus with EBL’s 250 correspondent, drawing arrangements with reputed exchange companies and banks around the globe, this branch is expected to add another dimension in facilitating easy and reliable remittance for people from and surrounding areas of Pokhara.

On the ocassion Mr H.N Gurung , Asst. General Bank highlighted the latest position of the bank having deposit of around 900 crore, lending around 750 crore and around 3.5% share in the total Nepalese banking sector.

“We at EBL, have always endeavored in enriching and beautifying the lives through our innovative products and services suiting the needs and requirement of our customers and with this end in view we have come to serve the community of Pokhara” said Mr. DVSSV Prasad, Executive Director of the bank.

“ I am very impressed to note the impressive growth of the bank over the last decade and maintaining the Non Performing Asset at less than 1% is a positive sign for healthy growth” said H.E Mr. Shiv Shanker Mukherjee, Ambassador of India to Nepal on the occasion. He also assured India ‘s continuing economic co-operation to Nepal .

Considering the large volume of inward remittance to Pokhara ,Mr. Lekh Nath Bhusal , Dy. Governor NRB was hoped that EBL would continue to add value in providing service in facilitating remittance.

Mr. Lalchan, President of Pokhara Chamber of Commerce and Industry observed that most of the banks in Pokhara are focused on deposits and hoped that EBL will focus equally on lending and investment in Pokhara.

The inaugural ceremony was concluded with the vote of thanks by Mr. B.K Shrestha, Chairman of the bank. He informed that Everest Bank is the first and the only bank in Nepal to open a representative office in India . The rep office facilitates the opening of the account of Nepalese from the identified branches of Punjab National Bank, India to any of the branches of Everest Bank Limited in Nepal and also facilitate in remitting the funds instantly with a very nominal charge.